$56 million or $0.24 per share of certain favorable discrete and other
tax items in continuing operations

Excluding non-cash losses from goodwill and asset impairments as well as
tax items noted above, fourth quarter earnings from continuing
operations were $1.68 per share, compared to $1.70 per share in fourth
quarter 2013.

The loss from continuing operations in fourth quarter 2014 was $13.22
per share, compared to earnings of $1.70 per share a year ago. The loss
from discontinued operations in fourth quarter 2014 was $1.67 per share
compared to a loss of $0.16 per share the prior year. The loss of $14.89
per diluted share in fourth quarter 2014 compared to earnings of $1.54
per diluted share in fourth quarter 2013.

To improve capital management flexibility in light of the market
downturn, Ensco’s Board of Directors declared a $0.15 cash dividend per
Class A ordinary share payable on 20 March 2015, a $0.60 reduction from
the prior level. The ex-dividend date is expected to be 5 March 2015
with a record date of 9 March 2015.

To address the current downturn in the offshore drilling market, the
Company is also taking several steps to reduce expenses.

Chief Executive Officer and President Carl Trowell said, “Given the
severe downturn in the offshore drilling markets, we believe it is
prudent to improve capital management flexibility and reduce expenses.
First, we have decided to reduce our quarterly dividend to $0.15 per
share. Second, we are decreasing our offshore employee base as we cold
stack rigs. Third, we are reducing offshore discretionary compensation
and onshore support costs. And fourth, we are actively negotiating with
vendors and suppliers to lower costs, while maintaining or improving
quality. We believe these actions are appropriate given deteriorating
market conditions.”

During fourth quarter 2014, the Company classified three rigs — ENSCO
DS-2, ENSCO 58 and ENSCO 90 — as held-for-sale with results presented as
discontinued operations. All three rigs are in the process of being cold
stacked to significantly reduce expenses until they are sold. In
addition, four rigs in continuing operations have commenced cold
stacking preparations since the start of 2015.

Mr. Trowell concluded, “In spite of challenging market conditions during
2014, we further improved rig uptime performance and had our best ever
total recordable incident rate. During the year, we commenced operations
for three new ENSCO 120 Series jackups — all of which had excellent
operational results during the year. Combined, this exceptional
performance led to Ensco earning top scores for total customer
satisfaction in the annual EnergyPoint survey — the fifth consecutive
year we have been honored with this distinction. Our employees achieved
these results even as we confronted a downturn in the market.”

Fourth Quarter Results

Continuing Operations

Revenues grew 2% to $1.160 billion in fourth quarter 2014, up from
$1.138 billion a year ago, mostly due to the addition of three ENSCO 120
Series jackups to the active fleet and a full quarter of operations for
ENSCO DS-7 in fourth quarter 2014. These four newbuild rigs more than
offset a decline in reported utilization. The average day rate for the
fleet increased to $243,000 from $235,000 a year ago.

Reported utilization, which includes the impact of uncontracted rig days
and planned downtime, declined to 86% from 90% in fourth quarter 2013.
The decline was mostly due to year-over-year increases in uncontracted
rig days.

Contract drilling expense increased to $514 million from $500 million a
year ago. The previously reported sale of jackups operating offshore
Mexico influenced the year-to-year comparisons. Excluding the net impact
of this sale, contract drilling expense increased 2% to $510 million.
Reductions in certain discretionary compensation and insurance costs
partially offset the incremental expense associated with four newbuild
rigs.

Depreciation expense was $139 million compared to $128 million in fourth
quarter 2013. The $11 million increase was mostly due to adding four
newbuild rigs, partially offset by an $8 million reduction in
depreciation expense related to lower carrying values for floaters
impaired during second quarter 2014. Asset impairments recorded for 12
rigs on 31 December 2014 will reduce depreciation expense beginning in
first quarter 2015.

General and administrative expense declined 20% to $28 million year to
year, primarily due to lower discretionary compensation.

Interest expense increased $17 million to $52 million in fourth quarter
2014, net of $20 million of interest that was capitalized, compared to
$35 million, net of $21 million of interest that was capitalized, in
fourth quarter 2013. A $1.25 billion debt raise in September 2014 drove
the increase in net interest expense year to year.

Floaters Segment

Floater revenues declined 5% to $663 million in fourth quarter 2014 from
$695 million a year ago as lower reported utilization and average day
rates more than offset a full quarter of operations for ENSCO DS-7 and
the return of ENSCO 5004 and ENSCO 5005 to the active fleet. The average
day rate decreased 6% to $429,000 in fourth quarter 2014. Reported
utilization declined to 81% from 82% a year ago. Adjusted for
uncontracted rig days and planned downtime, operational utilization was
90% compared with 92% a year ago.

Floater contract drilling expense was $293 million in fourth quarter
2014, down 1% from $295 million in fourth quarter 2013, primarily due to
lower discretionary compensation and insurance costs, partially offset
by a full quarter of operations for ENSCO DS-7 and the return of ENSCO
5004 and ENSCO 5005 to the active fleet. Fourth quarter 2014 floater
results included a $2.998 billion goodwill impairment and asset
impairments totaling $281 million for two floaters.

Jackups Segment

Jackup revenues grew 6% to $454 million from $427 million a year ago,
mostly due to the addition of three ENSCO 120 Series jackups to the
active fleet. The average day rate increased $17,000 to $147,000 in
fourth quarter 2014. Reported utilization was 88%, compared to 94% a
year ago, primarily due to an increase in the number of uncontracted
days year to year. Adjusted for uncontracted rig days and planned
downtime, operational utilization in fourth quarter 2014 was 98%
compared with 97% a year ago.

Contract drilling expense decreased 4% to $186 million, mostly due to
lower discretionary compensation and a $7 million amortized gain on the
previously reported sale of jackups operating offshore Mexico, partially
offset by the addition of three ENSCO 120 Series jackups to the active
fleet. Fourth quarter 2014 jackup results included asset impairments
totaling $236 million for ten jackups.

Other Segment

Other is composed of managed drilling rig operations, including jackups
operating offshore Mexico that were previously sold. As a result of this
sale, Other segment revenues and contract drilling expense increased
year to year as the operating results of these managed contracts are now
included in the Other segment. Revenues increased to $42 million from
$16 million in fourth quarter 2013. Contract drilling expense increased
to $34 million from $12 million a year ago.

Fourth Quarter

(in millions of $,

Floaters

Jackups

Other

Reconciling Items

Consolidated Total

except %)

2014

2013

Chg

2014

2013

Chg

2014

2013

Chg

2014

2013

2014

2013

Chg

Revenues

663.0

695.3

(5

)%

454.5

426.8

6

%

42.3

15.9

166

%

-

-

1,159.8

1,138.0

2

%

Operating expenses

Contract drilling

293.4

295.4

(1

)%

186.3

193.3

(4

)%

34.3

11.7

193

%

-

-

514.0

500.4

3

%

Loss on impairment

3,278.8

-

nm

236.4

-

nm

-

-

-

-

-

3,515.2

-

nm

Depreciation

91.2

88.2

3

%

45.5

37.6

21

%

-

-

-

2.7

1.7

139.4

127.5

9

%

General and admin.

-

-

-

-

-

-

-

-

-

28.3

35.2

28.3

35.2

(20

)%

Operating (loss) income

(3,000.4

)

311.7

nm

(13.7

)

195.9

nm

8.0

4.2

90

%

(31.0

)

(36.9

)

(3,037.1

)

474.9

nm

Discontinued Operations

Discontinued operations includes five floaters and two jackups held for
sale, as well as rigs and other assets no longer on the Company’s
balance sheet. The net loss from discontinued operations for fourth
quarter 2014 was $388 million compared to a net loss of $37 million a
year ago.

Excluding a non-cash asset impairment, the net loss from discontinued
operations was $26 million in fourth quarter 2014 compared with a net
loss of $37 million in fourth quarter 2013.

Ensco will conduct a conference call at 10:00 a.m. Central Time (4:00
p.m. London time) on Thursday, 26 February 2015 to discuss fourth
quarter 2014 results. The call will be webcast live at www.enscoplc.com.
Interested parties may listen to the call by dialing (866) 652-5200 from
within the United States and +1 (412) 317-6060 from outside the U.S.
Please ask for the Ensco conference call. It is recommended that
participants call fifteen minutes before the scheduled start time.

A replay of the conference call will be available by telephone one hour
after the completion of the call through 26 March 2015 by dialing (877)
344-7529 or, if calling from outside the U.S. +1 (412) 317-0088
(conference ID 10057291). A webcast replay, MP3 download and transcript
of the call will be available at www.enscoplc.com.

Ensco plc (NYSE: ESV) brings energy to the world as a global provider of
offshore drilling services to the petroleum industry. For more than 27
years, the company has focused on operating safely and going beyond
customer expectations. Ensco is ranked first in total customer
satisfaction in the latest independent survey by EnergyPoint Research -
the fifth consecutive year that Ensco has earned this distinction.
Operating one of the newest ultra-deepwater rig fleets and the largest
premium jackup fleet, Ensco has a major presence in the most strategic
offshore basins across six continents. Ensco plc is an English limited
company (England No. 7023598) with its registered office and corporate
headquarters located at 6 Chesterfield Gardens, London W1J 5BQ. To learn
more, visit our website at www.enscoplc.com.

Statements contained in this press release that are not historical
facts are forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking statements include words or phrases such as
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,”
“project,” “could,” “may,” “might,” “should,” “will” and similar words
and specifically include statements regarding expected financial
performance and return of capital, effective tax rate, day rates and
backlog; the timing of delivery, mobilization, contract commencement,
relocation or other movement of rigs; and general market, business and
industry conditions, trends and outlook. Such statements are subject to
numerous risks, uncertainties and assumptions that may cause actual
results to vary materially from those indicated, including commodity
price fluctuations, customer demand, new rig supply, downtime and other
risks associated with offshore rig operations, relocations, severe
weather or hurricanes; changes in worldwide rig supply and demand,
competition and technology; future levels of offshore drilling activity;
governmental action, civil unrest and political and economic
uncertainties; terrorism, piracy and military action; risks inherent to
shipyard rig construction, repair, maintenance or enhancement; possible
cancellation or suspension of drilling contracts as a result of
mechanical difficulties, performance, customer finances, the decline or
the perceived risk of a further decline in oil and/or natural gas
prices, or other reasons; the outcome of litigation, legal proceedings,
investigations or other claims or contract disputes; governmental
regulatory, legislative and permitting requirements affecting drilling
operations; our ability to attract and retain skilled personnel on
commercially reasonable terms; environmental or other liabilities, risks
or losses; debt restrictions that may limit our liquidity and
flexibility; our ability to realize the expected benefits from our
redomestication and actual contract commencement dates; cybersecurity
risks and threats; and the occurrence or threat of epidemic or pandemic
diseases or any governmental response to such occurrence or threat.In
addition to the numerous factors described above, you should also
carefully read and consider “Item 1A. Risk Factors” in Part I and “Item
7. Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in Part II of our most recent annual report on
Form 10-K, as updated in our subsequent quarterly reports on Form 10-Q,
which are available on the SEC’s website at www.sec.gov
or on the Investor Relations section of our website at www.enscoplc.com.
Each forward-looking statement speaks only as of the date of the
particular statement, and we undertake no obligation to publicly update
or revise any forward-looking statements, except as required by law.

Adjustments to reconcile net (loss) income to net cash provided by
operating activities of continuing operations:

Loss from discontinued operations, net

1,199.2

2.2

Loss on impairment

4,218.7

-

Depreciation expense

537.9

496.2

Deferred income tax (benefit) expense

(123.5

)

10.1

Other

20.8

25.9

Changes in operating assets and liabilities

93.3

(151.1

)

Net cash provided by operating activities of continuing operations

2,057.9

1,811.2

INVESTING ACTIVITIES

Additions to property and equipment

(1,568.8

)

(1,763.5

)

Purchases of short-term investments

(790.6

)

(50.0

)

Net proceeds from disposition of assets

169.2

6.0

Maturities of short-term investments

83.3

50.0

Net cash used in investing activities of continuing operations

(2,106.9

)

(1,757.5

)

FINANCING ACTIVITIES

Proceeds from issuance of senior notes

1,246.4

-

Cash dividends paid

(703.0

)

(525.6

)

Reduction of long-term borrowings

(60.1

)

(47.5

)

Debt financing costs

(13.4

)

(4.6

)

Proceeds from exercise of share options

2.6

22.3

Other

(29.8

)

(21.7

)

Net cash provided by (used in) financing activities

442.7

(577.1

)

DISCONTINUED OPERATIONS

Operating activities

(3.8

)

169.3

Investing activities

109.3

32.8

Net cash provided by discontinued operations

105.5

202.1

Effect of exchange rate changes on cash and cash equivalents

-

(.2

)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

499.2

(321.5

)

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

165.6

487.1

CASH AND CASH EQUIVALENTS, END OF YEAR

$

664.8

$

165.6

ENSCO PLC AND SUBSIDIARIES

OPERATING STATISTICS

(Unaudited)

Fourth Quarter

ThirdQuarter

2014

2013

2014

Rig Utilization(1)

Floaters

81

%

82

%

82

%

Jackups

88

%

94

%

92

%

Total

86

%

90

%

89

%

Average Day Rates(2)

Floaters

$

428,734

$

457,994

$

451,078

Jackups

147,052

129,590

139,997

Total

$

242,781

$

234,625

$

239,233

(1)

Rig utilization is derived by dividing the number of days under
contract by the number of days in the period. Days under contract
equals the total number of days that rigs have earned and recognized
day rate revenue, including days associated with compensated
downtime and mobilizations. When revenue is earned but is deferred
and amortized over a future period, for example when a rig earns
revenue while mobilizing to commence a new contract or while being
upgraded in a shipyard, the related days are excluded from days
under contract.

For newly-constructed or acquired rigs, the number of days in the
period begins upon commencement of drilling operations for rigs with
a contract or when the rig becomes available for drilling operations
for rigs without a contract.

(2)

Average day rates are derived by dividing contract drilling
revenues, adjusted to exclude certain types of non-recurring
reimbursable revenues, lump sum revenues and revenues attributable
to amortization of drilling contract intangibles, by the aggregate
number of contract days, adjusted to exclude contract days
associated with certain mobilizations, demobilizations, shipyard
contracts and standby contracts.

The table below reconciles earnings per share amounts reported in our
statement of operations for the quarter ended December 31, 2014 to
adjusted earnings per share amounts referenced in this earnings release.
Adjusted earnings per share amounts exclude impairment charges and
certain favorable discrete and other tax items as shown below.

DILUTED EARNINGS PER SHARE RECONCILIATION:

Three Months Ended December 31, 2014

(Loss) earnings per share from continuing operations

As reported

Loss onimpairment

Discrete andother taxitems

Adjusted

Net (loss) income from continuing operations attributable to Ensco(1)

$

(3,063.8

)

$

3,515.2

$

(56.0

)

$

395.4

Net income allocated to non-vested share awards(2)

(2.0

)

(3.1

)

.7

(4.4

)

Net (loss) income from continuing operations attributable to Ensco
shares

$

(3,065.8

)

$

3,512.1

$

(55.3

)

$

391.0

(Loss) earnings per share from continuing operations

$

(13.22

)

$

15.14

$

(0.24

)

$

1.68

(Loss) earnings per share from discontinued operations

Net (loss) income from discontinued operations attributable to Ensco

$

(388.0

)

$

362.0

(3)

$

-

$

(26.0

)

Net loss allocated to non-vested share awards(2)

-

.3

-

.3

Net (loss) income from discontinued operations attributable to Ensco
shares